(Bloomberg) — Goldman Sachs Group Inc. is resuming job cuts as the coronavirus pandemic outlasts the financial industry’s resolve to offer jittery employees stability through the economic downturn.
The firm is embarking on a plan to eliminate about 1% of its workforce, or roughly 400 positions, according to people with knowledge of the matter, who asked not to be identified as the information isn’t public. The move comes even as the firm’s core trading and dealmaking businesses are booming.
Persistent outbreaks in the U.S. are forcing the nation’s biggest banks to re-examine plans to wait out the turmoil as initially hoped. Wells Fargo & Co. and Citigroup Inc. were among the first to restart cuts after their stock prices slumped and as they face the prospect of souring loans. Even JPMorgan Chase & Co. is joining the fray